Document p2aZvR8M0MBBQLXDKjzRLom17

MOODY'S MANUAL OF INVESTMENTS 2680 PHELPS DODGE REFINING CORPORATION (Controlled by Phelps Dodge Corp.) History; Incorporated In May. 1905. in New Officers: W. C. Bennett, Pres.; C. E. Dodge, ISSUED--In 1928 In exchange for 7% cumula York, as successor to the business of the J. P. Dyer, Vicc-Pres.; J. B. Beaty, Sec. and tive preferred stock formerly outstanding on Nichols Chemical Co., which succeeded G. H. Nichols & Co., established 2872. Original title Gen. Counrel: J. E. Fisher, Treas.; G. R. Drysdalc. Compt.; W. G. Gross, Aud. basis of four class A shares for each preferred share. was Nichols Copper Co. Present title adopted July 1. 1038. In Apr.. 2D28. an agreement was entered into with Phelps Dodge Corp., Calumet and Ari zona Mining Co., and New Cornelia Copper Cn.. whereby these companies acquired an in terest in Phelps Dodge Refining Corp. for the Directors: J. F. Beaty, Cleveland, E. Dodge, F. PisaTt. Edgar Sengier, L. S. Cates, J. F. McClelland. W. C. Bennett, G. R. Drysdale. Annual Meeting: Second Wednesday in Feb. General Office: 40 Wall St., New York. 2. Phelps Dodge Refining Corp. class ; m per: AUTHORIZED -- 300,000 shares; outstanding, 210.0C0 shares; no por. Practically all owned by Phelps Dodge Corp. purpose of refining their own copper at the Operating Statistics: Production of refined PROVISIONS--See description of Class A latter company's new refinery at El Paso. Tex. copper, years ended Dec. 31 (000 lbs.): stock. In Apr.. 1931. Nichols Engineering & Re search Corp. was formed to carry on an en gineering. management and contracting busi ness. but on Nov. 30. 1935. company disposed of its controlling Interest to Mr. C. w. Nichols. Business: Manufactures the 'X. N. S." brand of electrolytic copper, Triangle'* brand of sulphate of copper and like products. Company also acts as refinery managers for the Montreal plant of Canadian Copper Re fineries. Ltd. Property: Refinery located at Laurel Hill, L. I . together with water rights and real estate on the banks of Newtown Creek. Capacity of refinerv. 500.000.000 lbs. per annum. Refinery at El Paso. Tex., with capacity of 547,945 lbs. per day was placed in operation in Jan., 1930. 1931 ................. 1932 ................. 1933 ................. 1934 ................. 330,114 1935................ 182,905 1936................ 152.013 1937................ 257.896 1938................ 359,771 410,253 497,171 404.164 DIVIDENDS PAID--On original $100 par com mon shares (changed to no par in Sept.. 1924): At rate of 6% per annum to June, 1914. incL; none thereafter until Dec. 20, 1916. when 4% Capital Stock: U Phelps Dodge Refining was paid: none thereafter to June 15, 1928, Corp. class A; no par: when 50 cents was paid; Dec. 15,1928, 50 cents. AUTHORIZED--100.000 shares; outstanding, 91.824 shares: no par. All owned by Phelps Dodge Corp. FORMER PREFERENCE -- Class A stock was entitled to preferential dividends at the rate of SI.75 per annum up to June 30. 1930. After On Class B stock: Initial dividend of 75 cents paid May X, 1929, and semi-annually thereafter to May 1, 1930, incl.; Oct. 1, 1930; 75 cents; Dec. 31, 1930. 43% cents: April and July l, 1931, 25 cents; later dividends, if any, not reported. June 30. 1930. class A and B are on a parity in all respects. ISSUED--To the extent of 70.000 shares In ex change for the former 70,000 no par common DIVIDENDS PAID--Initial dividend of 433i shares on-a share for share bans; issued to cents per share paid Oct. 1. 1928 and quarterly stockholders against subscription rights, 3,348; thereafter to July 1, 1930, ind.; Oct. 1, 1930, 75 130,652 shares issued to Phelps Dodge Corp., Control: In Nov., 1930, Phelps Dodge Corp. cents; Dec. 31,1930. 43% cents; Apr. 1, and July proceeds thereof used for construction of new acquired control of company through ex 1. 1931. 25 cents; later dividends, if any, not electrolytic refinery located in El Paso. Tex. change uf stock on a share for share basis. reported. PITTSBURGH PLATE GLASS COMPANY CAPITAL STRUCTURE CAPITAL STOCK Issue 1. Common ...................... ............. Par Value $25 Amount Ou (standing 2,177.224 shs. Earned per Sh. 1939 1938 $4.94 $3.01 Divs. per Sh. 1939 1938 $4.00 $1.7$ Call Price Price Ranee - 1939 1032-39 117-90 14714-121', HISTORY In early 1924 began the sale of nitrocellu In 1935 exercised an option to purchase 98,- P Incorporated, in Pennsylvania Aug. 24. 1883 and reincorporated in Pennsylvania Nov. 3, 1929 upon merger with the Patton-Pitcairn Co. and Columbia Chemical Co., both incorpo rated in Pennsylvania in Nov., 1920. For de tails of stock issued in 1920 see Capital Stock --Issued. The Patton-Pitcairn Co. was a hold ing company owning all of the outstanding stocks of il; Patton Paint Co. of Milwaukee, in which Pittsburgh Plate Glass purchased a 49',' stock interest in 1900 and subsequently acquired a majority (2) Rennous, Kleinle & Co., brush manufacturers of Baltimore, In which Pittsburgh Plate Glass acquired a 48% stock interest m 1901) and subsequently ac quired a majority r3) Pitcairn Varnish Co., lose lacquers. In the same year Increased the productive capacity of its Portland, Ore. paint factories and acquired the factories of Sun set Paint Co. of Los Angeles. Zn 1927 com pleted a four-year expansion program at the Milwaukee lacquer plant. In 1929 began opera tion of a lacquer plant at Newark, N. J. In late 1927 the company and a subsidiary of E. 1. du Pont dc Nemours each acquired a 30V stock interest in Pittsburgh Safety Glass Co. (name subsequently changed to Duplate Corn.), which constructed a $1,000,000 plant at Creighton, Pa. for the manufacture of safety glass, using the company's plate glass nnd du Pont s plastic interlayer. In 1931 ac quired full control of Duplate Corp. and >4} Corona Chemical Co. In the latter In June, 2928 acquired Ditzier Color Co. of two concerns. Pittsburgh Plate Glass acquired Detroit, manufacturers of automobile lac a majority stock interest as a result of stock quers. dividends received. These subsidiaries owned the entire capital stocks of Red Wing Lin seed OH Co. and several smaller sub-com- anies At the time of merger, Pittsburgh late Glass owned 54rr of the capital stock of Pntton-Pitcnirn Co. Columbia Chemical Co. was first organized in 1S99 by John Pit cairn. then Chairman of the Board of Di rectors of Pittsburgh Plate Glass Co. Its al kali plant at Barberton. O. began production in IflOO- Upon formation of the company in 1883 the first commercial plate glass factory in the United States was constructed at Creighton. Pa. in July, 1929 completed the rebuilding and modernization of its Ford City. Pa. plate glass plant at a cost of $3,500,000 and in Mar.. 1930. completed a similar program at the Crystal City. Mo. plate glass plant. These plants re placed old ones at these locations. In June, 1931 completed a plant at Ford City to manu facture Carrara glass, heavy polished plate glass and spectacle and special glasses. In JD28-29 began production of sheet and window* glass under a new process at Clarks burg. W. Va . and Mt. Vernon, O. In 1929 be gan operation of a new sheet and window glass plant at Henryctta, Okla. In 1934 addiUons were made to all three window glass Tn i95 additional plate r'r.ss factories were plants. acquired, including those :>f Diamond Plate Glass Co., with factories .< Kokomo and Elwood. In;l. Seven branch warehouses were inaugurated in 1896 and shortly thereafter the business was expanded to include the distribution of all kinds of sheet and window glass pur chased from others. In J929 began production of "VVallhidc." a new interior paint. In 1931, jointly with American Cyanamid Co., formed Southern Alkali Corp. (see ap pended statement) tin which the company owns a. 51*.. stock interest and American C>nnamid 49';). This company completed a S7.000.000 soda nsh and caustic soda plant at In 19U2 began the production of plate glass Corpus Chri.sti. Tex In Oct.. 1934. In Mar., 1933 at CnurccMcs Belgium Southern Alkali completed construction of a In 1907 began opcrjition of :t plate glass fac liquid chlorine plant at this Jocation. tory at Ford City, Pa. and in )909 at Crystal In Aug.. 193u began operation of a new li City. Mo. quid chlorine plant at the Barberton. O.. fac Production of sheer and window glass be tory of the Columbia Chemical Division and gan in 11)07 r,t Mount Vernon. O.. through ac m Nov., 193G ;ii this location began operation quisition of the plant of Chambers Window of :i bicarbonate of soda factory. In Oct.. Glass Co Additional sheet nnd window glass furinrirs wore built in 19H at Clarksburg. W. 1937 capacity of the liquid chlorine plant at Barberton was doubled. Va. In 1926 begun fabricating safety i/Ihss ;t to i-.iJ-J .I*-*...K cl `<J Wing l.mscid till Co Crvstnl City. Mo. and acquired its linseed oil and other prop erties. In 1937 constructed a resin plant ;,i Mil waukee nml acquired the factory and busi 000 shares of American Cyanamid Co. class B stock at $20 per share under an option is sued in 1931. On June 10, 1938 dissolved Duplate Corp., a wholly - owned subsidiary, manufacturing safety glass, and acquired its assets, 8UBSIDIARIE8 Parent functions chiefly as an operating company, the principal subsidiaries being Columbia Development ` Ccrp.. which holds securities (ind. those of Southern Alkali Corp.). non-current receivables, etc.;. Ditzier Color Co., which operates the lacquer plant at Detroit; and the Belgian subsidiary which operates the plate glass plant in that country. As of Dec. 31, 1939 owned 100% of'the voting control of the following: American Glass Corp. Charleroi Ac Belle Vernon R.R. Co. Crystal City-Milting Co. The Columbia Alkali Corp. Columbia Development Corp.. Southern Alkali Corp. <51%), See appended statement. Southern Minerals Corp. (100%) Southern Pipeline Corp, (100%) Ditzier Color Co. The Good Hope Natural Gas Ac Oil Co. The Hunter Wall Paper 8c Paint Co. Ivoroid Mixed Paint Co. H. W. Johns Paint Mfg. Co. Kingston Paint Ac Glass Co., Inc. Midland Glass Ac Paint Co. Montana Glass Ac Paint Co. Ncvius Paints. Inc. Paducah Paint Ac Glass Co., Inc. Patton Paint Corp. Pittsburgh Plate Glass Co. of Michigan Pittsburgh Plate Glass Co. (Tenn.j The Regal Mirror Co. Scwickley Hardware Ac Paint Co. St. Joseph Paint 8c Glass Co. Societe Anonymc des Glares dc Courcelies (Belgium) Sunset Paint Corp. The Thresher Varnish Co. Triplex Corp. Wcsco Paint Sc Glass Co.. Inc. As of Dec. 31. 1939 owned less than 100% of (he voting control of the following sub sidiaries*. Geneva Paint Ac Glass Co. (94.76*7 ) Gurluy-Comstnck Corp. <53 125': i Waller D. Hcnne Paint 8c Wallpaper Cu. Thomon V. I.ackayc Paint Ac Glass Co. < 93.45 ) At CrciLfhtnn. Pa laic in 192-1 comrdotcd thrfirst unit of a new polished plntc glass plant ness of lon, O. The Thresher Varnish Co. at Dnv- The Rainov Stores, Ine. (72'..' ) Southern Condensate Corp. <51*7 1 operating by a continuous process .and 1926 completed Ihe eroncl unil in In Mar , 1937. jointly with Corning Glass Works /set* general indexi formed Plt>burgh E. J. White Paint 6c Class Co., Inc. (87.5%) In addition, had voting control of Joseph In May. 1924 completed construction of n Corning Cnrp. to manufacture glass building J. Ball. Inc by reason of holding all its pre Portland cement plant at Fultnnhom. O . with blocks, glass tile. etc., at a newly-constructed ferred stock. This preferred assumed voting a daily enpncily of 2 .'>00 barrels. In Mnv. 11*27 plant capacity was increased to r* ono plant ;it Port Allegany. Pa. F.aeh company owns :n\ of me 5) nnn/inn rapitali/aimn of control upon dividend default. Owns str: nf voting control of Pittsburgh barrels <!;itlv of a orr-t uf about si non oon (hi'- * firwern O.-rniMg Corn H*t'ryi 2600 MOODY'S MANUAL OF INVESTMENTS_ BU8INE88 & PRODUCT8 Principal industries served are the automo bile. which consumes the company's safety glass and lacquers and the building, which uses paints varnishes, brushes, window glass, plate glass t*md mirrors. Ranks as one of the two leading producers ot plalc glass t capacity 1Q0.<100,000 sq. It. yearly. which is used principally by the automobile mdustrv in the form of safety glass which comprises two sheets of plate glass pressed together with a plastic interlayer, plate glass If also used for store fronts, mir rors. uic. Ranks ns one of the leading pro ducers of sheet or window glass, sold under the trade name Pennvcrnon. Chief raw ma terials of this division ore soda ash. sand, limestone nnd vinyl plastic. Ranks as one of the leading producers.of paint, varnish, lacquer and brushes, which are sold in large quantities to automobile companies and other industrial consumers as well as for general trade purposes in paint ing of new houses and in home rehabilitation. Chief raw materials of this division are lin seed oil and other solvents, colors, metallic pigments, etc. Rnnk.i as one of the leading producers of soda ash. which is used in the manufacture of glass, soap. nil. textiles, drugs, pulp and papvr. and m water softening, purification processes nnd cleaning operations, and of caustic soda, which is used in the manufac ture ot soap, chemical*, rayon, lye. textiles. :ind in petroleum refining and rubber recip.munc. Other products of the chemical di vision include 11 > liquid chlorine, used largely in the production oi chemicals, textiles and pulp and in water purification f21 modified mhI;i.<; >:; speck'i alkalis i-l) calcium chloride (fi> whiting i >ii Jlenntg's purifier, used for desulphurizin': pU nnd cast iron i7j salt for industrial uses (8) Col-Rec, used for coal treatment, and (9) Calcene, used for rubber compounding. Principal raw materials of this division are salt, limestone and coal. Relatively minor divisions *>f the business comprise the manufacture of Portland ce ment, dry colors, insecticides, fungicides and seed grain disinfectants. Products are dis tributed through approximately one hundred warehouses located throughout the country. PRINCIPAL PLANTS A PROPERTIES For details on property acquisition, con struction, etc., see History. Plate glass manufacturing plants are lo cated at Creighton and Ford City, Pa.; Crys tal City. Mo., and Courcelleg. Belgium. Plate glass lrom the Creighton and Crystal City plants is used in the fabrication of the com pany's safety gloss. Window glass factories arc located at Henryetta. Okla.; Mount Ver non, O.. and Clarksburg, W. Va. Paints are manufactured at Milwaukee, Wis.; Detroit. Mich.; Newark, N. J.\ Portland, Ore., and Los Angeles, Cal. Varnishes and lac quers are produced at Milwaukee, Dayton, Detroit. Newark and Los Angeles. Linseed oil mills are operated at Red Wing, Minn., and Newark. N. J. Paint and other brushes are produced at Baltimore. Md. and Keene, N. H. Alkalis and other chemicals are produced at Barberton, O. and through a subsidiary. Southern Alkali Corp., at Corpus Christt. Tex. Other activities include a cement plant at Fultonham, O.; the manufacture of dry col ors. insecticides, fungicides and seed germ disinfectants at Milwaukee; coal mines at Creighton, Pa.; sand mines at Crystal City. Rio.; limestone quarries at Zanesville, O.; gas properties and gas lines at Ford City. Pa. and clay properties at St. Louis, Mo. In addition, approximately one hundred warehouses are operated for the distribution of products and afto retail stores selling glass, paint, etc. Re search laboratories are located as follows: Glass at Creighton, paints at Milwaukee and chemicals at Barberton, Pittsburgh Corning Corp., a 50% controlled company, nag a glass block producing plant at Port Allegany, Pa. MANAGEMENT Officers CCiarence M; Brown, Chairman EH. W. Wherrett, President 5jE. T. Asplundh. Vice President 3}R. L. Clause^ Vice President eh B. Higgins, Vice President J. H. Heroy, Vice-President F: W. Judson, Vice-President E. D. Griffin, Vice-President F. W. Currier, Treasurer H. B. Brown, Secretary M. C. Spahr, Comptroller Leland Hazard. General; Counsel [ijMember of Executive Committee. Directors ., Clarence M. Brown, Chairman, Philadelphia ^ E. T. Asplundh, Barberton. O. R. L. Clause, Pittsburgh H. A. Gait. Barberton. O. E. D. Griffin, Pittsburgh J. H. Heroy, New H. B. Hliig--g--i-n--s- , "Pit`tsburgh RichardI K. Mellon, Pittsburgh. Harold F. Pitcairn, Philadelphia Raymond Pitcairn. Philadelphia H. W. Wherrett. Pittsburgh General Counsel: Leland Hazard. Annual Meeting: First Wednesday in April. Number af Stockholders: Dec. 31. 1939. 6,886. Number ef Employees: Dec. 31, 1939. 16,928. General Office: Grant Bldg., Pittsburgh. _ INCOME ACCOUNTS COMPARATIVE CONSOLIDATED INCOME ACCOUNT, YEARS ENDED DEC. 31 (Taken from reports to Securities and Exchange Commission) 1039 1938 1937 1936 11 Net sales _____________________ _______ .. 2; Cost of goods sold-------------- -------------- -.. Other manufacturing costs...................... -- ^Selling, general & admin, expenses.. $83,189,621 45,366,945 9.927.435 15.107.547 $64,355,034 36,404,244 10.020,006 13,026.900 S93.315.307 48.133.452 9.742.449 15.307,672 $86,110,486 44.699.676 9.670.414 14,896.702 1935 $68,526,174 35,028497 8.036.664 12,665.631 1934 $51,761,130 28.673,683 6.174,543 10,639.149 Operating profit.............-- -------------.. Interest and dividends received----.... Royalties received------- --------------- proceeds, sale of rights...................... -- j Other income ............................................... 12,787,692 822,293 146.701 756,588 4.903,884 770,923 326.460 1.582.500 608.246 20.131,735 856,204 776481 880.006 26.843.693 650.011 604456 712.156 12.795482 586,955 544.233 474.900 6.273.755 580,923 264,653 "488,397 Gross income ..................................... Inca mil- deductions_____________ ----.. 14,513.274 1.227,539 8.192.015 159.445 22.644427 74.385 18,810.116 39.528 14.401.670 684.809 7,607,728 622,581 Balance ..................... ................... ........... Federal and state capital stock tax......... Income taxes. Federal and state.--.-----Surtax on undistributed profits____..... 13.285.734 2.519.323 8,032.570 1,543,663 22469.942 3,793.960 488.013 18,770,588 3.185.727 263,027 13.716.861 2,318,122 6,985.147 166.525 1.054.938 Net income to surplus.______________ Eai ned surplus br/fmningof year........... `Other surplus credits................................. Dividends ________ _______ -- --------- -------- &.Other surplus charges__________ .- 10.766.412 47,313.306 36.170 B,672,611 669 6,488.907 44,406.38ft 188,283 3.770,272 18.287.969 41.140.663 13.928.415 1,093.829 15421.834 37.198.836 435438 11,783,121 32.124 11498.739 32.098.942 177,191 6,426.070 49,966 5.763.684 29.271.356 324.117 3.104,614 155,600 Earned surplus, end of year_____________ SUPPLEMENTARY P. & L. DATA .^Depreciation, depletion & amort.... i.Maiiuemmce and repairs___________ Ta\c.>. other than Income................. Rents................................................................. Royalties ................................................... .. Provision for had debts <nel>_________ Losses from retirement of property. Paii r.t etui.puny's net saics---- .............. Puieui eoinp;,n> s net income_________ _ Equity n earnings of subs. consol___ ... D'videmls Jroa: subs. consolidated_____ i Family ir. earnings of subs, not Cons. Dividends from suds, not consolidated .. Cr_o_s__s___s_al_e_s___ic_:_*_s___d_is__c_o_u__n_t_s_, _re__t_u_r_n_s_ and .i.'lm'.aiH-as an I includes following sales to nntiiiiMjliilatcu sulmliaries: 1934,5161.068:1935, Sl'dfJ,. si::i; .Miu. 1:1:17. S242.256. rag. iug.- 1 n $ii ,7n i 2 includes related portions of items shown jnder `Siippleincntriry 1* 1. Data" below Inli-mr-M j Includes equity in aggregate not carn- rii's Hi f!i^fot.*vl diaries 1936, imm.j;-! :y;kn. tu;ts. .:w5.tu:i; 1939. tin:.; ,.n.J proportion of Jesses of ita.-i'. ai.iolidnU-tl subsidiaries Of XI Jf> 622 and "`P.ls i ro.ipovliv cly are included in "Income u <!ucf ion-" i In vxv.i includes Sl.imfi.Ofm provision for 'rii-.-.n* and rriiof: i:i f DM i and J'lfJ.'i includes $49,442,609 $47,313,307 $44.406488 $41,140,063 $37,198,836 $32,098,942 S4.427.430 3,59!*,361 2.3U8.4S1 475,149 115.534 264.610 499.976 $4,192,317 3.466.080 2.343.674 457 657 109.755 192,359 $3,839,401 4,239489 2,412,060 403483 144.861 165.120 513.952 $3492.502 3.648.534 1.403.789 368.510 123.106 88,946 842482 $3,582,100 3.928448 682437 322,163) 191,676f 197.150 530.710 $3,494,658 2.795,353 820.499 461.777 270.516 281,643 S7C.306.295 10.054.832 1.047,403 741.452 502.614 87.325 $56,498,638 6.030,247 1.396.832 860,824 395,103 $84.702418 17411.665 2,552.971 2.191.984 686451 S31.750 $77,886,003 14.776.695 2,024.847 1.474465 267.681 201444 $66,271,416 11426.576 1.663.073 1.691.544 d 46.489 3430 $50360.814 S.533.698 1.094386 d 116422 S500.000 provision for pensions and relief to 234.881; 1937, $1346.365; 1938. $1,154,092; 1939. be expended in future years. See also note 13) 31,499,473. Does not include amounts charged ab' ove. to reserve f`or conntingencies as follows: 1935. v!ln 1936. 193ft and 1939 represents net ad S48.315; 193G. $38,27" 0: 1937, S52.1.3; 1938. S29.390: justments of securities and investments. 1939. $52,117. iIn 1937, comprised: Adjustment of for liReflected in above accounts In other in eign subsidiary's property. $563,895; net ad- come or income deductions. justm- en*t o*f ma---rke*ta,b{>liee ssee-c--u--r*it*i--es -and mis Note: <a) Operations of one foreign sub cellaneous investments. S4B9.238; miscellane sidiary in 1939 were included for only. It ous surplus charges. $40,696: total, $1,093,829. months to Nov. 30 as company's fiscal year ''Including amortization but excluding was changed. The results were converted at depreciation charged tn reserve for contin the average of semi-monthly rates of ex gencies: 1931. 3271.971: 1935. S236.Q15: 1936. $3.- change prevailing during the twelve months MlKl: 11137. S7,3j6: 1938. $6,891: 19.TI). $4,081. ended Nov. 30. 1939. The difference arising : Includes provisional charges for repairs through conversion of the accounts is shown and maintenance: 1935. SI.308.560: 1936, II,- in this statement under income deductions. CLASSIFICATION OF COMPANIES BY INDUSTRIES A list of companies, classified and grouped according to products and industries, is bhown in the blue paper insert in the center of the Manual. This classification is a convenient reference list showing the more important American and Canadian companies in e.'ich industry. MOODY S MANUAL OF INFEST3IENTS 2691 BALANCE SHEETS COMPARATIVE CONSOLIDATED BALANCE SHEET. AS Or DEC. SI 11934 16 1939 irom SEC rcporu--1933 from company's annual report) ASSETS 1 Inventories ...................................--- 1939 S10.476.G80 5.321.GW 8.673.209 8.609.286 20.J85.0Jtf 1938 $12,125,917 6U.813 *.912.832 72274.797 19.742.728 1937 $6,256,410 3.1M4SS 4.940.737 6.965,104 23.890,164 1936 S7.738.8ft4 10.Z61J43 4.881.427 7.747.706 16.529.773 193$ $10,773,608 7.M3384 2.673,981 7,175.557 16.397.569 a See A advances to income subs........ Deferred charges ... S53.465.S7I $7,127,810 i.114,251 742.380 6U.603.223 G.4S6 1 090.529 $46.67 U07 $6.20.823 i 273.126 501.978 62.358.536 8.988 988.577 S45.1S1.000 S6.g75.190 1.081.457 539.779 63.391.636 11,490 1.033.442 *47.158,112 S4.896.272 677.438 576,857 60271,439 13.783 845.073 545,013.998 S3.968.013 672.340 6*2,179 58.393.755 16.286 723.857 1934 57.940,963 5840895 2.48X573 5.683.418 13.790.036 S55.437.984 S3.92i.717 2.696,140. 524.633 S6.8S3.7S5 18.788 6622192 1933* S5J44J44 3.343:633 1.655.842 5.885.955 15.214.563 S29.444.238 $2,723:400 2.733,235 955417. 58.7*2.982 60.071 632.914 Total ......................................................... LIABILITIES Notes payable_________ __________ _____ Other payables and accruals.................. Mmnrjtv interest ......................................... vjSurplus . .................. ........................ $127,150,550 $2,992,189 121.U3 3.853.08!* 1.425.941 SS.392..W22 $909.113 173.155 4.931.365 1.796,324 2.0UU.00U 1.544.132 5.920 54.430,600 4tf.967.609 $118,147,136 $2,337,441 146.360 2.731.004 1.255.973 $6,520,778 $1,114,177 122.132 5.003.107 1.674.311 1.000.000 1.424.472 5.852 53.969.100 47.313*307 SI 18.123.994 $2,486,016 183.608 5.348,255 1.453.746 $9,471,625 $1,407,218 145.508 4.611,442 1.999.995 1.000.000 1.506,322 5,670 53.570.825 44.406.388 Sti4.43A.975 $3,518,699 221.717 4.386.830 1,320.494 $9,447,740 $1,152,703 48.810 4,687.613 1255.143 1.000,000 1.538.418 6.810 53.561.075 41.J40.663 S109.650.488 83,431,630 93.500 1,071.176 3.680373 1.784.609 $9,061,488 S685.94T 51.640 4.746,495 1.705,685 2.000.000 1.634,736 6.635 53.558.825 37.198836 $100,125,409 $1,754,268 <0.000 856:768 1.327.867' 876.765/ $4,875,665 S433;87 36.823 5.638.639 1.549.840 500.000 1.437.346 6.327 53.547.850 32,098.942 $05032,657 SU18.106 170,000 535,201 1.443.8G9 $3,667,179 $247,470 3,963,588 1,470.685 1.158429 34,023 53420.125 29.271,556 Total ..................................................... Net current a>seU....................................... PROPERTY ACCT --ANALYSIS Additions at cost................ ...................... Retirements or sales........ ..................... n Depreciation and depletion............ Other additions...................... ........ ....... $124,150,550 $15,073,539 $3,191,739 518.043 4.429.009 S1I8.147.1JC S40.15fl.329 S3.633.490 469,874 4.196,716 .............. SJJfl 12M tf *4 $35,719,375 Sg.4S9.151 889,735 3.915.323 cr 563.895 $1 t4.4XS.975 $37,710,372 S6.554.143 1.282371 3593.S91 $109,650,488 S35.B53.MK S7.239.040 1.797.749 3.815.633 104.342 $100,125,409 $30,562.3)9 S2.182.629 397.164 3.766.630 61.937 S35.332.S57 S2S.777.059 Not stated .. . .........a.. i Including $1**6.000 taco amount deposited with State Insurance Commissions ami $100- 000 pledged as collateral to a note Market value. Dec. 31. 1939. 65.JHb.fl44: 1938, $639,563. * Lower of cost or market. Market values: 1934. 62.;y6.:sri. si*.992.2:12. t:i:tc. Sa.201.43j. HUT. SaJtti.tfJO. HUS. S7.?<27..ul; 1939. $10,413,612. s Alter reserves- Hi;:). S1.U76.373; 1938. $!.oTs.mno Ai Io.as than ro*t or market. At Dec. 31, HUM comprised raw materials, SJ.9Sfl.9N*. work m process sI ,.Tii5.<iMy: finished goods. SU.n:i.\,932; supplies $3.k:U 42CH total. S20.3H5.li:::`. b in includes S2.a01.232 due from un- consoli dated subsidiaries. > In 1933 and 1934 included, S1.U60.000 col lateral notes due in Jtf.ifl secured by equal face amount of Southern Alkali Corp. bonds. icAT depreciated cost Annual statement 1933 reported cross hook values. S9S.074.n2T: depreciation reset us. $36.291.94S: net book value. S.Vs.782 M.S2. Subsequent I' reported to SEC1 at depreciated values. wTth annual pro visions for depreciation and depletion cred ited to asset accounts <see changes shown below balance sheet 1. Net values of fac tories and facilities not in operation were. 1933. S2.'J&i.42tf. 1934. $1.41.2,342; 193$. $424,889; 1936, $310,317. 41137. $282,961; 1938. $385,983: 1839. SliOGXW property account. Dec. 31. 1839 com prised Foreign subsidiary's property. $353.425; company and domestic subsidiaries* land, including mineral deposits. $4,713,818; build ing. $18,384,487; machinery' & equipment $32 72b.5l11: construction in progress, $1.601.708: property 1.01 used in operation. $606,851; other properties. $2,217,412. total property account. .v'>o.;n3.223. 11 Includes subscriptions under officers and employees stock purchase plan <31.499 shares at Dec. 31. 1939. of which 15,600 were available in tretisuryi: 1933. $48,378: 1934.5257.311: HUa. s*l 271; 1936. $982,182: 1937. $1-231.128: 1M38. S974.192. 1939. $787,473. u Includes capital surplus- 1934, $3,694; 193.Y 1.00.1; !93b. $2,862; 1937. written off; 1938. ml. HUM 'paid ini. $525,000. Amounts invested in treasure Mock 1934. S763.250: 1935. $754,275; HUG. $752,025; 1957. $742,275; HUH. $520,000; 1939. $3MI).lt00 u Credited to asset account*. Includes amounts charged to contingency reserve mote ? to con undated income account). General Notes: (a) Accounts certified by Haskins Ar Sells, ibt Above consolidated, statements: include all subsidiaries whose business policies and operations are directed by the parent through its organization (excludes Southern Alkali Corp. 51c; owned).-In 1937. 1938 and 1939 ac counts of one foreign subsidiary included as of Nov. 30th. In 1939 net current assets of foreign subsidmry were converted at rate of exchange prevailing at Nov. 30.2939. The fixed assets were converted generally on the basis of dollar cost. <c> Contingent liabilities at Dec. 31. 1939 were: Federal additional income tnx claims of $925,000 for years !92tf to 1932 Inch, and ten tative claims for additional, taxes, for years 19X3 to 1936. inch, contingent upon decision to be reached for years 1929-32. FINANCIAL A OPERATING OATA Statistical Record Earned pet share ... Di\ sdends per share . Price rnnqe .......................... .. ... Net assets per share Financial and Operating Ratios Current as>vls nirr. liabilities . . . cash A sociirit.e> to curr. assets. *. mvvntnrv to curr assets ... - net nirr. a--efs to net wnrth CapH.ihzatum: - enmi.on shirk A surplus Sales .inventory Sale* receivables sales to net property '. sales to toial assets .... net income it* total assets.. . nel meome t** net worth .. m Analysis of Operations Net sales . ...................... ................. Costs. uoncU* A- mfg Sell r.en & arlm. exp Opera 1 mu prof/t Proceeds, sale of rnrhu Other inrcimc flros1* income J nenme deductions ibilanee ........................ Cap stork tie meome tax Net mromi: CAPITAL STOCK 1. Pittsburgh Plate Glass Co. stock; par S2S: At'THnfMZFI) 2.* nit nne -hirr- issued, 2- 17:i r.i;i -hiirrs. I>er :t HtJtf. 2 ITT SI I ^hare. 1 \i l m ir<;i-mr> ! .*> .600 share1-, ear 'ehaneed It.rn Slfili par Or! H. IM'JH S*i:r ;::.f >|i;n( -i,! Hi \ch,ui:.,c *>-r 1 ;e h sine p;ir share dividend Record in 5 !' p.,i >H.e .....- | .e . nil I nir> ai; I . .* I Il|*i 1M9 S4.94 Si on 117-90 $17 97. 193* 33.01 $1.73 II.>',-55 $46.93 1937 $8.53 $6 50 147a-77 $45.72 6 37 45.77 38.13 4J.I7 7.16 42.11 42.30 99 M 4 77 31.72 52. H6 3G-43 101) (Id 4.08 9.66 137.27 07.01 8.07 1031 or Hill (HI 66.47 J 3 37 2 OK IT 43 Mfl 13 97 a.na 12 04 ion.no 3.26 6.85 1 !>9 20 :.t 47 5.49 r..4i 1 no no 72 14 JO 21 7 na a 46 2 h;. 12 7.*: 12.48 2 40 10 OH 100.0U 3.91 13.40 147.21 79.110 I.V4H 1*66 ino.no 62.02 16.40 21 37 _ r;> 21.27 0M 24.19 4.59 19.60 s nco I-: no !!2J j I'H* :-ji; IS on H*-7 Moo 1922 .. IJi'O 102* . sha re im.; ) i.t; j : ;t 1 5U I iiti 3 "o (1 75 Itfjo 15133. imms MO'I ' PI 1i>-. in stuck Apr , 1317 ? PI 10. 211' ?M :-.n- m in shirk M-trix Her Jan . 1j.9,.2,.0. 1 I* us irr in -I..-); f)< e ` I i Aim 2 1936 S7.15 $6 90 140-S8U $44.20 1935 $$.32 $2.90 99T-4fta $42.36 1934 $2.69 SI.30 $7a-39 sna.w 1953 $187 SO.70 39'.-13 $38.67 4.99 48.52 35.05 39 82 4.97 47.63 36.43 39.61 7.27 45.11 38.91 35.68 8.03 35.13 44-88 31.12 100 00 5.22 11. H 142.87 75.25 13.39 16.18 100.00 4.28 9.S5 lltt.95 S2-50 10.40 12.56 100.00 3.>5 9.1! 91.03 51.70 5. #4i 0 73 100.00 ........ ...... .. r~f 'r inooo 03 T 1 17.30 HI.56 > *y 21 84 .05 2 2.SO 4.00 17 79 100.00 62*4 18.4* 1R.67 .... 234 21.02 1.00 20.02 3.38 16.63 KiO.Ofl 157.33 20..V. 12 13 2M 14 70 1.20 13.49 2.36 11.14 Nnt Stated .... .. .... .... -. .. .... .... -- 13 00 6.00 2 00 H 70 t; no I ie Dividends puvnble Quarterly Apr. 1. do., to ytnrk 01 record about Mnr. la etr. PREEMPTIVE RIGHTS- As provided by the statures oi the Commonwealth of Pennsyl vania LISTED- - f*iit*huruti Stork E'xchiingt*: al*o traded in im.'isted section oi New York Curb Exchange. TRANSFER AGENTS - People* - Pittsburgh Trust Co . Pittsburgh. Cit.v Rank Farmers Trust C*r , New York RKUlSTItAltS I'rihm Tnrl (V. Pill biii'di. i.iij.ii.mt.'i Ini.1 \ f N'rtt Yuri; Prt'Kj* Mtnv kind* rtf 1n?k tor rpcciui uurri'jMM V..- *p:i' r->.ul rrucks Other Products, K;r#ip:i* <i<w.r opor- li -i t. k |W<itcction In >..* ri;. -a.*.*, the f.rcni*ini! products. t:....... r. - A* velip-:j .jrvl <iv.!^ several Irnd........:iL* (h*- mo-1 ot which is ?h* tr/.dc n.imv Van* " which i.-* rciu-tercd as it* tr.idi mark <m n wide list of pr- dueis iti pr.Tcticailv every country m the world The romivrnv iwnn .1 grr-.ii number o| patent# Detroit, Wieftt-- The eompanv occupies under 1c;k-*c> .ir..i optr;itcs a plant hnviag approxi mately 2i.fi`J0 %quurc feel of floor .space, situnted n one acre of land. St. Catharines, Ontario, Canada--This plant i onsi`ts of nine nnd one-half acres of land, on which are located building* with approxi mately H'J JiHi ><unre feet of floor space. WillMhjIl. Staffordshire, England---Plant nnM<ts of ow and one-half acres of land, on which art* heated buildings with approxi mately l74.nno <-'|ij;irr fret of floor space. oi net premia ol the cmnpany Jn axar-h of 67. and under 'JiVi on the par value at the oul>i;indlnc capital stock. The directors have the rtghl to determine the percentage ot con tingent c myc*nwitton for each employee, but the sum of the individual percentages may not exceed 15. A comnarub.e plan operates for important men at the company's various plants, in lpayments were made to 48 employee.?, the largest single payment being SI6JI27; hi i:i;jk puymenh werc made tn 18 em ployees. the largest single payment being W,* tR3; in 1037 payments were made to 88 employro*.. th<- largest single payment being S.'W.DH if 2692 _____ MOODY'S MANUAL OF INVESTMENTS ISSUED--Upon reincorporation in 1920. 307..t42 shares of new SiOO par stock were issued as follows 247.300 shares to holders of old sion pnr c.iriimop, m a share for share basis: 1 54n -hares tit holders of old 12'.. preferred nn the bnsi. rt two shares for each share held: 47-.71.W shares to stockholders of Columbia Chemical (.V on the basis nf 8 10 of a share for e.-.eh share held hi.."*74 shares to minority stockholders (46<`; I of Patton-Pitcaim Co. on a share for share basis. PRICE RANGE: Stock .............. 1939 1938 1937 117-90 115^-55 Stock Options: On May 17. 1933 directors al located 7.120 shares to certain executive of ficer# and key employees to be sold at $25 per share with payments of at least 50c per share quarterly on account of the purchase price. As of Dec. 31. 1939 there were 31,499 snares under this option of which 15.600 shares will be issued from treasury . stock . and 15.899 shares from unissued stock. Substantially one-quarter of each, group will be issued on each Oct. 1. 1940-42. inch SOUTHERN ALKALI CORPORATION t Controlled jointly py Pittsburgh Plato Glass Co. (51%) and American Cyanamid Co. (49%) 1 History* Incorporated in Delaware on April 1939 1938 Liabilities (cont'd) 1939 1938 :( ix'i Gross income . . 1.782.998 1.582.508 Accrued taxes____ 232.733 216,584 Business: M a mi fart u re- heavy chemicals. Property. P:.uJs, located in Corpus Christi. Tex.*, are .rrml b\ :: railroad trunk lines. Plant t r ihr production >i >da a>h. caustic soda .u*.<i other alkali* went into operation in the fall of 1 ::i liquid chlorine plant and the refined salt plant opened in ur.x Soli brtne for nii*.:ifoctiire i* piped from company's own well- ,*r.d natural ga-, for power is provided fr*i. c*oir.pany * ocaf-hv field. Bund interest . . Other interest .. Prop, retirement. Lo<x. sale of assets. etc.......................... Federal inc. tax .. Net income.......... Dividends paid ... Surplus for year.. Surplus. Jan. 1 .. Surplus credit 286.008 195.007 54.119 10.288 204J37 1.033.238 150.000 883.238 884.690 22.513 304.600 Acer. sal. Sc wages 185.023 102.554 Total current 1st mtge. 6a. 1948. 12.215 Extraord. maint. 154.257 reserve ............... 823.858 [TCsPital stock Paid-in surplus .. 823.858 Earned surplus .. 60.043 788 Total ............... 22,380 _ 20.017 $52136.483 4,540.000 *4.371.717 4.770.000 150.617 2.125.000 375.000 1.707.972 116,533 2.125.000 375.000 884.690 514,235.052 512.642.941 Control: Capital stork iotntly owned iSl'7 .ind vely (>> Pittsburgh Plate f;ia- Co -li- preceding statement i through C'<I?ui.hia Development Corp . wholly-owned Mib-i-liar*. ar.i American Cyanamid Co iscc gcRer.u irte\ Entire i>-ue of bonds of S'ui'hrrn Alkau C'*rp i- al.-o jointly owned by -;i:d < rnpaiuc* Subsidiaries holly-*wm.'d Southern Min(.*rj> an l Southern Pipe Line Corp. Officer: M K Pitcairn. Pres Surplus charges . Surplus. Dec. 31.. 82.469 1.707,972 884.690 Consolidated Balance Shoot as of Dec. 31 (as reporicd to the SEC>: Assets: 1939 1938 Ca.sh .......... ............. $318,904 $365,096 Working funds .. 1.750 1.750 Receivables, net . 627.494 404.402 Finished chcm. 175,461 146.346 Crude oil .. 343.813 503.724 i Mater & suppl 368.922 171.028 d S3.500.118 d $2,779^71 i Finished chemicals, at cost; crude oil. at market: materials and supplier at lower of cost or market. 3?After depreciation and depletion: 1939, $4,265.740: 1938. $3,057,202. [T 100.000 no par shares. Bunded Debt: Southern Alkali Corp. first sinking fund 6s* due 1948: AUTHORIZED--$7,000,000: outstanding. $4.540.000 (of which $2,315,000 owned by Pitts Consolidated Income Account, Dec :;l -as reported j*> the SECi YJAS Net v;.Us S6.957.54l t*oxt *( 3.633.M15 years ended 1938 S6.807.491 3.877.099 Total current ? Prop. & equip. . Investment______ Notes receivable . Deferred charges $1,836,345 12.146.014 3,251 175.000 74.442 $1,592,346 10.965.453 3.251 burgh Plate Glass Co. and the American Cyanamid Co.). No further details available. balance by Capital Stack: Southern Alkali Carp, stock; 82.890 no pen Depreciation Depiction 825.860 .'P',3.6u5 657.759 316.504 Total .... .. $14,235,052 AUTHORIZED --And outstanding. 100.000 $12,642,941 shares: no par. Sell -xp . eti .177.643 395.691 Liabilities: 51% of stock is owned by Pittsburgh Plate .Vet <i(-cr profit Margin of profit 1.758.618 25 28'. 1.500.438 Notes pay ___ 22 92% Accts. payable .. $1.995.000 3.021.985 $2,250,000 Glass Co. and 49% by American Cyanamid Co. 1.821.937 DIVIDENDS PAID--1936. $12.50: 1937. $46.25: Other income 24.3*0 22.070 Accrued interest . 6063 63.179 1938. Nil: 1939. $1.50. CAPITAL STRUCTURE * *NI>ED ur.tsr I .-iirk;::g fti*( TIDE WATER ASSOCIATED OIL Rating A Amount Outstanding $.16,250,000 Times Charges Earned 1939 1938 7 23 8.33 c.MMTAl. STOt'K NM/f V* `C <.: . cum' r>rvforr-d .. . * r; .\b' i !..r .tf.rtsr.i' fund Jit 102*2 Par Value Amount Outstanding no par $10 ooo.noo sha. 6.168.667 shs. 7 l:i? (o 1939. inc!. Earned per Sh. 1939 1938 $17 92 $20 85 1.05 1 29 COMPANY Interest Dates Jl&J Dlvs. per Sh. 1939 1938 $430 0.80 $4.50 1.00 Call Price L0I05 Call Price $107 -- Price Ranee 1939 1932-39 10714-98 310714-96*4 Price Ranee 1939 1932-39 96 -83 9814-72 14U- 9U 21?s~ 2 HISTORY SUBSIDIARIES The Tide-Water Pipe Co'.. Ltd. (99.99re). Pa -- lr;< .m lJ*-i.iwaiv. March 3. 1026 ,Shorv. ihr<iti;:h ;m exchange ff .it**}.i''r.irnl ol A***ori;led Oil Co r?;*: : ' -*:.-.rc *l S'* pirferrcc! and ; t! . i i-.-.rn sh;ir<> n( A**o- N an nporating and holding company, own ing os of Dec 31. 1939. 100'", voting control of ihf following' N;.m<\ place of incorporation and business: Crude oil lines. Hamburg - Amerikanische Mineralol - Gesell- schaft m.b.H. <93.50^1. Germany--Markets lubricants. rSee separate statement following Tide r*:,-. O: i.. cir.'troi t>\ Tid" Wafer Oil Co. Associated Oil Co of Ariz . Ariz --Inactive. Water Associated OH Co. I r. ... . ` ` r..tr< . nf n.on f*ir oaoh - ; T . : O.; 0> ' ' 11* n all nuf- I r..i.. :-/< ;.(: MrKit- t: -k ' *h- {:'. S-'. r.**f xhuro ! .; . . ; f...i.i in > h. - ... i.*,* }.< r *fi;ir#> arwl \< -< .-ill nut- *.i - n . T. 'A'.iJ'r A -^.*i;tte<J Oil f.. .. / i-1 j,,r share ; . .* : .!;; C: r *>i u./>n t;ik<*n .* . !;': f ' i'. r- ./*! i h-i.VA Mf ;i .y- .'> -i T,'i- \Vcit-r A*.o- '. < '.<> v .'H '! "pfrate ^ . * . - i * The Asvioioud Service Stations. Ariz.--Inacmo Ai,iHd Oil Co. CaJ --Inactive. Tide WatiT Associated Oit Co of Col.. Cal -- Jn;ud iw A->/>f'iatvd Wafer Co, Cal--Operates water s\ s.cm Ciranberg Meter Corp.. Cal --Manufactures lueler**. f*i finsylvanin Oil Markclcrs. Jnc . Del.T Tuh; Water Oil Company. Del.--Inactive ('`r ;fie<l Auto Service. Inc . Ncv --Retail ntar- kr'iny i Fa r Jerev Ratlroao A Terminal Co.. N .1 - larihtie.s Other Investments: Investments in other companies no; controlled include a 50C. inter cut in Mitsubishi Oil Co.. Ltd., which owns a refinery in Japan; a 50'; interest in Bradford Transit Co. (Pa i. which owns crude gathering Jinrs in the Pennsylvania Acids: a 50'i interest in California Coast Oil Co. and Vaughan Gas Process. Inc. (Del ). Also has a minority hold ing in South Penn Oil Co. (Pa.) of 172.743 shares (17 27'; isce general index), and in Mission Corp. (Ncv.) of 101.969 shares (7.40rd <`.cc general inrtexi. Also, owns 25r> of class "A" and -Vi.Sl'; of class "B'* stock of The Tnxas-Empirc Pipe Lire Co. of Texas and 10'. of rl^ ''A" and R 40'\ nf rlnec ir/*V of